What is the Best App for Split Rent Payments and Shared Roommate Expenses?

With roommates, you can split rent payments and have more money for what matters most. For some, saving for a down payment, paying off student loans, sipping their way through the best Sunday brunch spots, or living in a hip neighborhood.

But, as much as you like your roommates and the money they save you, you need a better way to split rent payments because your current set-up isn’t working well. You’re tired of nagging people for money, handling everyone’s cash payments, and occasionally paying more than your fair share.

You want a dedicated and transparent place where everyone can pool, manage, and send rent money to your landlord together. You want “my” rent money and “your” rent money to feel like “our” money.

After all, you share the remote control, driveway, grill, and groceries. Why not share where you split rent payments? The question is, where? Have you tried Pool? Millions of people live with housemates, and Pool is a new tool to manage money for rent, utilities, and more. Keep reading to see how you and your roommates can use it.

Contents:

• Is it cheaper to split rent?
• How to write a roommate agreement in 2 steps
• Is there an app to help split rent payments?
• How to split rent payments with Pool
• How does splitting rent work?

Is it cheaper to split rent?

More than 14 million Americans live with non-family roommates. A quick look at this Consumer Price Index data might explain why. According to the St. Louis Fed, home rental costs are up 36% January 2020 through January 2026.

With rent and other living expenses rising, it’s understandable why millions turn to shared living arrangements. But, while sharing a house can lower rent payments significantly, group money can get messy and complicated without the right tools.

You can easily avoid money drama with two simple solutions:

1. A written roommate agreement, and
2. Pool

Here’s how you can set up both.

How to write a roommate agreement in 2 steps

Your lease is in writing. But, what about your roommate agreement and rent payment plan? It might seem over the top, but writing a roommate agreement can significantly reduce future conflicts and misunderstandings and simplify split rent payments. Here’s what to do.

A roommate agreement is not a substitute for legal advice. If you have questions about your rights or obligations as a tenant, consult a qualified attorney.

Step 1: Decide how much money each roommate will pay each month

Factors to consider include:

• Room size
• Amenities
• Driveway space

We explore how to divide the rent between roommates fairly below. So, keep reading for several valuable tips.

Step 2: Decide how you will collect, manage, and spend rent money together

Questions to consider include:

• Who is responsible for collecting everyone’s rent money?
• How and when will you transfer rent money to each other?
• How will you ensure rent is paid on time?
• What will you do if someone cannot pay their portion of the rent or their financial situation changes?

While working through Step 2, you’ll probably discuss sending money back and forth to settle up. But, that often means tracking who has paid, sending reminders, and coordinating transfers every month. It can still feel like “your money” and “my money” rather than shared rent money designated for a specific purpose.

Joint bank accounts don’t feel right either. As much as you like your roommates, you may be uncomfortable sharing a personal bank account with them. And, if roommates come and go, managing account access and payment cards can quickly become a hassle.

Pool offers a simpler way to manage shared rent expenses. Instead of sending money back and forth, roommates can contribute to a dedicated Pool for rent and household expenses, making it easier to collect, manage, and spend money together.

Is there an app to help split rent payments? 🏠 💸

Wherever you live and whoever you live with, Pool is an excellent fit for split rent payments. Unlike apps primarily designed for person-to-person payments, Pool is designed to help groups organize shared expenses and coordinate spending from a shared account. Roommates can contribute funds, track activity, and manage household expenses together in one place.

But, that’s not all. Rent, utility, and household expenses can be paid directly using the Pool account’s payment capabilities, helping reduce the need for roommates to move money between personal accounts. And, in case you’re wondering, you can create multiple Pools for all your shared expenses, from rent to group purchases to groceries to Uber Eats, etc.

What makes Pool a great fit for splitting rent payments? Many things! Every Pool is free, collaborative, flexible, transparent, and super straightforward. Take a look:

1. Pool is free

Getting started with Pool is free. Pool doesn’t take a percentage of the money you collect, so you keep 100% of the rent money contributed to your Pool. Some optional features and services may have associated fees.

2. Pool is collaborative

Easily manage money Pools with roommates. Simply send them an invitation via email to join. Set permissions so roommates can manage shared household expenses with you.

3. Your Pools are flexible

There’s no limit to how many Pools you can start. Start one for every shared expense category, like rent, utilities, cable/WiFi, furniture, groceries, water, garbage, etc.

4. Pools are transparent and secure

Everyone’s rent money collects in one shared Pool. Roommates can track contributions and payments in the app. Everyone’s personal banking information stays private and secure.

5. Collecting and spending rent money is super straightforward

Roommates can sign up for Pool, connect their bank accounts, and add funds to the pool for free with ACH transfers. Their banking information stays private and everyone’s rent money collects in one shared place.

Roommates can use recurring deposits to make automatic, monthly contributions to the Pool. Pay rent or utility bills directly with the Pool debit card. It’s free! Transfer Pool funds to a bank account whenever you need.

Let’s dive deeper into collecting and spending pool funds so you and your roommates can split the rent effortlessly.

Ready to simplify rent and shared household expenses? Create a free Pool at Poolmoney.com and start collecting, managing, and spending money together with your roommates.

How to split rent payments with Pool

1. Collect everyone’s rent

Once you set up a Pool, roommates can become pool members and submit rent payments right from their Pool account with free ACH transfers. With this convenient tool, no one needs to go out of their way to withdraw cash from an ATM. Your roommates can make rent payments from their smartphones anytime and anywhere.

If you’re the one responsible for collecting everyone’s rent money, you don’t have to worry about keeping track of large amounts of cash or Venmo payments anymore. You also never need to mix it with funds in your personal bank account. Everyone’s rent money collects in one shared Pool.

2. Collect everyone’s rent money on time

It isn’t just easy to collect rent money with Pool. Paying rent on time is also a breeze. As the Pool admin, encourage your roommates to set up a recurring deposit so they automatically pay into the Pool and never miss rent due dates.

3. Easily pay rent (and other shared expenses) from the Pool

Once you have everyone’s contributions, you can pay rent directly with the Pool’s account and routing number. Or pay utilities and other bills directly with your Pool’s Visa debit card. As Pool admin, you can assign spending permissions and limits so roommates can manage payments with you.

How does splitting rent work?

You may need to figure out the following:

• How to split rent with roommates
• How to split rent between 3 people or more, or
• How to split rent between a couple and a single

What is a fair rent split in each scenario? The truth is, there are no clear-cut rules. That’s why we’re closing this article with four suggestions. There’s a good chance you’ll find the right one for you and your roommates. Take a look!

1. Split the rent evenly

Splitting the rent evenly among your roommates is the easiest option. Everyone splits the rent at an equal fiscal level, and this makes sense if all roommates have similar room sizes and amenities. This method doesn't factor in individual incomes, cost of living adjustments, or variations in room size.

2. Split the rent by room size and amenities

A popular option is to split the rent by amenities or room size. This is a wise choice if there are apparent differences between the spaces where each roommate lives and what resources they have access to.

For example, if one roommate lives in the main bedroom with an en-suite bathroom, they may pay more than a different roommate taking a smaller bedroom and sharing a bathroom down the hall.

Try Splitwise's rent split calculator to make the calculations for you.

Here’s how the calculator determines the split:

• Enter your total monthly rent and the number of bedrooms
• Enter room size and amenities
• Enter the size of the common spaces (like living room, kitchen, bathrooms, etc.)

Then, the calculator works its magic to figure out fair splits.

3. Is it fair to split rent based on income?

This rent-splitting strategy is less common, but tends to work best between couples moving in together who are already sharing other expenses.

Between roommates, it may feel like a sensitive topic. Therefore, if you decide to go this route, start by figuring out how much rent each person can shoulder depending on their financial situation. For example, if one roommate takes home higher paychecks than the other, they may be willing to contribute more in rent.

4. Split the rent by responsibilities

For example, if your rent and utilities are approximately the same each month, you can split the rent by offering to pay the utility bills instead. In this circumstance, the bills for the house are evenly distributed and everybody knows which part of the finances they're responsible for paying.

Which suggestion feels like a good fit for you and your roommates?

Happy renting!

Roommates don’t just save you money on rent. They also make a house feel more like a home with personal touches, thoughtful conversations, barista-level coffee skills, and addictive playlists.

Keep enjoying the good vibes at home without the stress of split rent payments with Pool.